Tue, Jul. 28, 3:03 PM
Fri, Jul. 17, 11:05 AM
- Q2 net income of $135M or $0.73 per share vs. $151M and $0.80 one year ago.
- Net interest income of $421M vs. $416M a year ago, with NIM of 2.65% down 13 basis points.
- Noninterest income of $261M vs. $220M. Noninterest expense of $436M vs. $404M.
- Average loans of $2.1B up 5% Y/Y. Average deposits of $408M up 1% from Q1.
- CET 1 ratio of 10.53% up 13 basis points.
- Net charge-offs of $18M or 0.15% of average loans vs. $8M and 0.07% in Q1. Management notes net charge-offs continue to be well below normal readings, and the increase is from unusually low levels. Provision for credit losses up $47M, mostly as a result of energy exposure. Reserve to total loans ratio rises to 1.24%.
- Previously: Comerica misses by $0.02, beats on revenue (July 17)
- CMA -5.3%
Fri, Jul. 17, 6:43 AM
Thu, Jul. 16, 6:41 PM
- A week after announcing CEO Kevin Kabat is retiring and will be replaced by COO Greg Carmichael, Fifth Third (NASDAQ:FITB) has named Lars C. Anderson, head of Comerica's (NYSE:CMA) Business Bank ops - his official title has been vice chairman - its next COO.
- Anderson will join Fifth Third on Aug. 3. As Comerica's Business Bank chief, he led over 20 business lines, including the company's U.S. and Middle Market banking ops.
Thu, Jul. 16, 5:30 PM
Mon, Jul. 6, 1:31 PM
- It was a rough start to the year for the financial sector, but at about the mid-point of 2015, the XLF is ahead 9.7%, easily outpacing the S&P 500's 1.8% rise.
- Calling U.S. Treasury yields "considerably more resilient" today than in 2012 thanks to the strength of the economy, Erika Najarian and team don't expect the Greek crisis to impact the 10-year yield or the timing of the first Fed rate hike.
- The bottom line, says Najarian, is to expect continued rotation into the financial names, with solid loan performance in Q2 a catalyst on top of the improved interest rate picture.
- Najarian and team are sticking with their Buy-list of rate-sensitive names: JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), Comerica (NYSE:CMA), KeyCorp (NYSE:KEY), Regions Financial (NYSE:RF), SVB Financial (NASDAQ:SIVB), East West Bancorp (NASDAQ:EWBC), and Texas Capital Bancshares (NASDAQ:TCBI).
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
Fri, Jun. 26, 10:08 AM
- Calling Comerica (CMA +0.4%) the "most asset-sensitive regional bank" in its coverage universe, Wunderlich - headed into the Fed rate hikes - reiterates its Buy rating and boosts the price target to $60 from $55.
- Zions Bancorp (ZION +0.9%) is the best-performer in the regional sector in early action after Credit Suisse upgrades to Outperform with $38 price target.
- Previously: Zions Bancorp +6.6% after announcing corporate restructuring (June 2)
Wed, May 20, 9:49 AM
- Alongside an earlier-reported downgrade of SunTrust, Baird also cuts Fifth Third Bancorp (FITB -0.7%) - to Neutral from Outperform - and Comerica (CMA -0.4%) to Underperform from Neutral.
- On FITB, Baird cites a now-balanced risk-reward on the shares. As for CMA, the team says its 2016 earnings estimates are below consensus, thanks to lower expected net interest margin and loan growth forecasts.
- Previously: SunTrust lower after a pair of downgrades (May 20)
Fri, Apr. 17, 9:00 AM
- Q1 net income of $134M or $0.73 per share vs. $139M and $0.73 one year ago.
- Net interest income of $413M vs. $410M a year ago, with NIM slipping to 2.64% from 2.77%.
- Adjusted noninterest income of $212M vs. $208M a year ago. Adjusted noninterest expense of $416M vs. $406M.
- Provision for credit losses of $14M vs. $9M a year ago. "our energy portfolio continues to perform well, with only modest negative credit migration. However, in light of the fact that oil and gas prices remain depressed, we expect that our criticized loans may increase from current very low levels as the year progresses.
- Energy-related loans included about $3.6B of outstanding loans in the bank's energy business line along with another $750M in loans in other lines of businesses to companies with a sizable portion of revenue related to energy. Total loans at the bank of $48.15B.
- CET1 ratio of 10.43%.
- Previously: Comerica EPS in-line, beats on revenue (April 17)
- CMA flat premarket
Fri, Apr. 17, 6:43 AM
Thu, Apr. 16, 5:30 PM
Wed, Mar. 11, 5:18 PM
Fri, Mar. 6, 9:46 AM
- A turnaround from the action earlier this year - financials (XLF +0.9%) are marching higher in early action as the averages slip, as nervous investors buy back in following the stress test results. Also helping are surging interest rates following the strong jobs number.
- Looking at a pretty broad screen of bank names, just two - Goldman Sachs and Zions, both of which barely passed the stress test - are lower. Among the others: Bank of America (BAC +3.7%), JPMorgan (JPM +1.1%), U.S. Bancorp (USB +1.6%), Regions FInancial (RF +2.3%), KeyCorp (KEY +2.7%), PNC Financial (PNC +2.3%), BB&T (BBT +2.4%), Fifth Third (FITB +2.2%), Comerica (CMA +3.8%), BNY Mellon (BK +2.9%).
- Among those starved for higher rates: MetLife (MET +3%), Prudential (PRU +3.3%), Lincoln National (LNC +4.1%), AIG (AIG +1.4%), Hartford (HIG +2%), E*Trade (ETFC +3.9%), Schwab (SCHW +4.4%), Ameritrade (AMTD +4.3%).
- Previously: Futures slip after jobs number as yields and dollar soar (March 6)
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, KIE, IAT, IAI, SEF, IYG, IAK, FXO, FNCL, KBWB, QABA, FINU, KCE, KRU, RWW, KBWR, RYF, KBWP, KBWI, PSCF, KBWC, FINZ, KRS
Thu, Mar. 5, 8:28 PM
- The minimum Tier 1 common capital ratio for banks is 5%, according to the Fed, and here's how the 31 lenders stacked up under the central bank's severely adverse scenario vs. a year ago (h/t: WSJ):
- Deutshce Bank (NYSE:DB): 34.7%, not tested a year ago
- DIscover (NYSE:DFS): 13.9% vs. 13.2% a year ago
- Bank of New York Mellon (NYSE:BK): 12.6% vs. 13.1%
- American Express (NYSE:AXP): 12.5% vs. 12.1%
- Northern Trust (NASDAQ:NTRS): 12.3% vs. 11.7%
- State Street (NYSE:STT): 11.8% vs. 13.3%
- Citizens Financial (NYSE:CFG): 10.7% vs. 10.7%
- KeyCorp (NYSE:KEY): 9.9% vs. 9.2%
- Capital One (NYSE:COF): 9.5% vs. 7.8%
- PNC Financial (NYSE:PNC): 9.5% vs. 9%
- Santander Holdings USA (SAN's U.S. unit): 9.4% vs. 7.3%; shares +0.8% after hours
- BMO Financial (BMO's U.S. unit): 9% vs. 7.6%
- Comerica (NYSE:CMA): 9% vs. 8.6%
- Huntington Bancshares (NASDAQ:HBAN): 9% vs. 7.4%
- HSBC North America (NYSE:HSBC): 8.9% vs. 6.6%
- U.S. Bancorp (NYSE:USB): 8.5% vs. 8.2%
- Regions Financial (NYSE:RF): 8.3% vs. 8.9%
- Citigroup (NYSE:C): 8.2% vs. 7.2%
- SunTrust (NYSE:STI): 8.2% vs. 8.8%
- BB&T (NYSE:BBT): 8.1% vs. 8.4%
- MUFG Americas Holdings (NYSE:MTU): 8% vs. 8.1%
- Ally Financial (NYSE:ALLY): 7.9% vs. 6.3%
- Fifth Third Bancorp (NASDAQ:FITB): 7.9% vs. 8.4%
- Wells Fargo (NYSE:WFC): 7.5% vs. 8.2%
- M&T Bank (NYSE:MTB): 7.3% vs. 6.2%
- Bank of America (NYSE:BAC): 7.1% vs. 5.9%; shares +2.1% after hours
- JPMorgan (NYSE:JPM): 6.5% vs. 6.3%
- BBVA Compass (NYSE:BBVA): 6.3% vs. 8.5%
- Goldman Sachs (NYSE:GS): 6.3% vs. 6.9%
- Morgan Stanley (NYSE:MS): 6.2% vs. 6.1%
- Zions Bancorp (NASDAQ:ZION): 5.1% vs. 3.6%; shares -1.7% after hours
- The lenders were also informed today whether their capital return plans would put them below the Fed's 5% threshold, giving them a 6-day window with which to change those requests, if need be. Last year, both BofA and Goldman scaled back their dividend/buyback requests, allowing them to pass the CCAR. This year's CCAR results will be announced on Wednesday.
- 2015 Stress Test Methodology and Results
Fri, Jan. 30, 11:26 AM
- Pump prices may have dropped below $2/gal in many parts of the U.S., but investors are starting to notice losses from energy companies in their portfolios to the tune of $393B since June, according to a Bloomberg analysis.
- The losses sometimes show up in indirect ways, via investment funds, retirement accounts and bank balance sheets.
- The article cites the example of Energy XXI (NASDAQ:EXXI), whose bond offering eight months ago enjoyed so much demand that it more than doubled the size of the offering, but the debt is now trading for less than $0.50 on the dollar and its stock has declined 88%.
- EXXI’s second-largest reported shareholder is a group of funds managed by Vanguard, and the top reported owner of the bonds EXXI issued in May is Franklin Templeton; the stocks of three banks that extended a $1.5B credit line to EXXI - Zions (NASDAQ:ZION), Comerica (NYSE:CMA) and Hancock (NASDAQ:HBHC) - are down 10%-15% this month.
Tue, Jan. 27, 2:40 PM
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